A money transfer from either a card or an account may only take place after authorization from the owner of the account. In the event of an authorized transfer of funds that took place on the phone, the bank teller must ask the account owner for confirmation three times before the funds are withdrawn. In case of a dispute that arises over a transfer authorized by phone, the account owner has the right to receive a copy of the conversation as proof. In the event that the bank refuses to release a copy of the disputed conversation, the account owner should contact the FFMA Bank Division immediately and should provide the following information. Name of the bank; name and number of the account owner; date and time of the phone call; phone number used by the account owner to make the disputed call.
In the case where the bank cannot prove that the account owner authorized a transfer of funds the bank is obligated to give a refund on the same working day or on the following working day. The bank is permitted to obligate the account owner to fill confirmation forms or go through an oral interview in order to establish all facts, but the questioning process may not impede the refund.
Every account owner must understand that false claims are illegal and will be prosecuted to the fullest extent of the law.
Here we will provide a list of reasons why banks may refuse refunds.
In the case of a stolen password or card the owner of the account will not be held accountable for any funds withdrawn if it is proven that there was no “gross negligence”.